WVC 46A-6H-1
§46A-6H-1. Definitions.
For the purposes of this article:

(1) "Closing date" means the date the transfer agreement is
executed by the consumer and the transferee, and shall be at least
fourteen days after the requisite disclosures have been provided to
the consumer and interested parties.

(2) "Consumer" means any person entitled to receive periodic
future payments from an annuity issuer, settlement obligor or any
other party as the result of an annuity, settlement, lottery
winnings, sweepstakes payoff or other future payment arrangement.

(3) "Discounted present value" means the fair present value of
future payments, as determined by discounting such payments to the
present using the most recently published applicable federal rate
for determining the present value of an annuity, as issued by the
United States Internal Revenue Service.

(4) "Favorable tax determination" means, with respect to a
proposed transfer of structured settlement payment rights, any of
the following authorities that are applicable to the parties to
such transfer and on the parties to the structured settlement
agreement and any qualified assignment agreement and establish that
the federal income tax treatment of the structured settlement for
the parties to the structured settlement agreement and any
qualified assignment agreement, other than the consumer, will not be adversely affected by such transfer:

(i) A United States Treasury regulation;

(ii) A published ruling by the United States Internal Revenue
Service;

(iii) A private letter ruling by the United States Internal
Revenue Service with respect to such transfer; or

(iv) Other applicable legal authority that is binding on the
United States Internal Revenue Service.

(5) "Interested party" means an insurance company, an annuity
issuer, a structured settlement obligor, a lottery, a beneficiary
irrevocably designated in an agreement to receive future payments
following the consumer's death or other entity obligated to pay to
a consumer any future payments or any other party that has
continuing rights or obligations under the structured settlement
agreement.

(6) "Qualified assignment agreement" means an agreement
providing for a qualified assignment within the meaning of section
130 of the United States Internal Revenue Code, United States Code
Title 26, as amended from time to time.

(7) "Structured settlement" means an arrangement whereby a
settlement obligor, an annuity issuer or other person agrees to
make future payments to a consumer in resolution of a personal
injury or other claim.

(8) "Structured settlement payment rights" means the right to
receive periodic payments, including lump sum payments, under a
structured settlement from a settlement obligor, annuity issuer, or
other person.

(9) "Transfer" means any sale, assignment or other conveyance
of future payment rights by a consumer to a transferee for
consideration.

(10) "Transfer agreement" means an agreement providing for the
transfer of future payment rights from a consumer to a transferee.

(11) "Transferee" means any person or entity that becomes
entitled to receive a consumer's future payments as a result of a
transfer agreement and includes companies in the business of
purchasing future payments.

Note: WV Code updated with legislation passed through the 2014 1st Special Session
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